Professor Yan Wang, of WPI and Battery Resourcers
April 12, 2021
WPI professor’s battery recycling company raises $20M
Worcester-based Battery Resourcers, a lithium-ion battery recycling and manufacturing company, announced on Monday it has raised $20 million during a series B equity round.
Financing was led by Waltham and Israel-based Orbia Ventures, as well as an array of other investors, including Jaguar Land Rover’s InMotion Ventures.
The funding will be used to support development of a commercial-scale processing facility, according to the announcement, although the location of the facility was not specified. The facility is expected to have an annual processing capacity of 10,000 tons of batteries, roughly the equivalent of 20,000 electric vehicles.
“Being able to convert scrap and end-of-life battery materials into finished, cathode active material that can be directly used in making new batteries drives increased profitability and stability for the lithium-ion battery ecosystem,” said CEO Mike O’Kronley, in a statement.
Battery Resourcers was founded in 2015 as what the company terms a spinout from a Worcester Polytechnic Institute lab run by Professor Yan Wang, who serves as the company’s chief scientist and a director. The company has developed technology to convert mixed streams of lithium-ion batteries to produce various nickel manganese cobalt-based cathode active materials.
That technology, according to Battery Resourcers, takes old battery material and erases memory of previous battery chemistry, then creating a new, finished material to be used to produce current-generation batteries.
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